The for-profit college operates 140 locations in 35 states with about 45,000 students, including three schools in Alabama with a student body of about 1,600. ITT has been criticized for facilitating student applications for billions of dollars in grants and loans while failing to provide adequate job training.

The sudden closure leaves many ITT students in limbo, particularly those who have used federal student loans to finance their education. It will also mean the loss of jobs for about 8,000 ITT employees.

They can transfer their ITT credits to a new school, however, it's up to the receiving institution if they will accept the credits. ITT's own website warns students that "it is unlikely that any credits earned at the school will be transferable or accepted by any institution other than an ITT Technical Institute."

Direct Loans, Federal Family Education Loan Program loans or Federal Perkins Loans can be discharged. If your loan discharge is approved, the U.S. Department of Education may be required to refund all or some of the payments a student made on their loan, as well as forgiveness of future payments. Students should contact their loan provider for specific information.

If a person is in default of student loans at the time of the school's closure, the discharge may erase the default status. If a person doesn't have any other loans in default, they will retain eligibility for federal student aid.

Veterans attending ITT will be covered under the same provisions related to loan discharge. However, veterans cannot be credited for the months of eligibility under the G.I Bill already used while at ITT. As many as 35,000 veterans attend ITT, according to Student Veterans of America.

Students who received a loan through a private institution to pay for school should contact their lender about options.